STX Europe AS : STX Europe Announcement (A&G comments - 201212)

       STX Europe AS : STX Europe Announcement (A&G comments - 201212)

"STX Europe AS sells  its 50.75% stake in  Singapore-listed STX OSV  Holdings. 
Ltd. to Fincantieri Oil & Gas S.p.A.

STX Europe AS has on December 21, 2012 entered into a share purchase agreement
whereby STX Europe  AS has agreed  to sell  to Fincantieri Oil  & Gas  S.p.A., 
subject to  the  terms  and  conditions  of  the  share  purchase  agreement, 
598,851,000 shares  in  STX  OSV  Holdings.  Ltd.  ("STX  OSV"),  representing 
approximately 50.75 per cent. of the issued  share capital of STX OSV, for  an 
aggregate cash consideration of S$1.22,  being S$730,598,220 in cash for  each 
STX OSV share.

The closing of  the transaction  is subject to  certain conditions,  including 
third party consents. Completion of the transaction is expected to take place
by no  later  than  the end  of  April  2013. Upon  the  satisfaction  of  the 
conditions, Fincantieri Oil & Gas S.p.A. will be required to make a  mandatory 
cash offer for the remaining shares of STX OSV in compliance with the rules of
the Singapore Code on Take-overs and Mergers.

Fincantieri Oil & Gas S.p.A. has today made a pre-conditional mandatory cash
offer announcement in relation to the above, see
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_2DA93EC8368FC0F748257ADB000AF799/$file/Pre_Conditional_Mandatory_Cash_Offer_Announcement_dtd_21_12_2012.pdf?openelement.

Fincantieri Oil  & Gas  S.p.A. is  incorporated in  Italy and  is an  existing 
wholly owned  subsidiary  of Fincantieri  -  Cantieri Navali  Italiani  S.p.A. 
("Fincantieri").

Fincantieri is one of the world's largest shipbuilding groups, which in over
200 years of maritime history has built more than 7,000 vessels. It is world
leader in cruise ship construction and a reference player in other sectors,
from naval vessels to cruise ferries, from megayachts to special high
value-added vessels, and ship repairs and conversions. Headquartered in
Trieste, the Group has a total of nearly 10,000 employees and in Italy alone
it has eight shipyards and two design centres, one in Trieste, the largest in
Europe, and the other in Genoa. Fincantieri operates in the United States
through its subsidiary Fincantieri Marine Group (FMG). This company, which
serves both civilian and government customers, including the U.S. Navy and
Coast Guard, has three shipyards (Marinette Marine, Bay Shipbuilding, Ace
Marine), all located in the Great Lakes region. . Fincantieri is present in
the UAE with Etihad Ship Building, a joint venture set up with Melara Middle
East and Al Fattan Ship Industries, to design, produce and sell different
types of civilian and military ships as well as perform maintenance and
refitting activities. Since 2002 Fincantieri has built or has orders to build
104 ships, worth a total of Euro 24 billion, and has developed dozens of
prototypes in the various business segments in which it operates.

Contact information:

Headquarter:
STX Europe AS
Karenslyst allé 57
P.O. Box 453 Skøyen
Oslo, Norway

Investor Relations:

Ju-Won Park
Deputy CFO
Tel: +47 21 02 15 21
E-mail: ju-won.park@stxeurope.com

This information is subject of the disclosure requirements acc. to §5-12  vphl 
(Norwegian Securities Trading Act)

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Source: STX Europe AS via Thomson Reuters ONE
HUG#1666941